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Shell sells 8.5% stake in Mahanagar Gas

Press Trust of India  |  New Delhi 

A unit of has sold 8.5 per cent stake in Ltd, the firm which retails CNG to automobiles and piped cooking gas to households in and adjoining areas.

(BGAPH), a wholly owned subsidiary of Shell, reduced its shareholding in MGL from 32.5 per cent to 24 per cent, MGL said in a regulatory filing.

The sale of equity shares was done in the open market by way of a bulk deal on April 11, it said.

Ltd holds 32.5 per cent stake in MGL, while the government of has 10 per cent. The remaining 25 per cent is with public shareholders.

"This is part of Shell's ongoing portfolio optimisation to transform into a simpler company, delivering stronger returns," said in its

"Our investment in the LNG receiving terminal in and the recent creation of Shell India, our and trading business, shows our commitment to grow in and to increase in the country," it said.

In a separate statement sent to the exchanges, MGL said the share sale was the prerogative of promoters and its will continue as usual.

"MGL is abreast with the latest technologies as applicable to its areas of operations and is a self-reliant, financially sound company," it said.

"MGL is an independent board managed company with proven track record in (CGD) Day to day decisions are taken by Except one each from & BG (Shell), all other members of are company executives with long experience in CGD industry.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, April 13 2018. 16:20 IST